OPEC

Source: CNBC

Oil jumps as much as 12% a day after its best day on record as traders expect big production cuts

CNBC


Oil prices surged again on Friday on the hope that a production cut deal will soon be reached after OPEC and its allies announced they will hold a virtual meeting on Monday, and after Russian President Vladimir Putin reportedly

Source: Reuters

Deep oil output cuts won’t offset unprecedented demand loss: IEA

Reuters


LONDON  – Deep output cuts by OPEC and other oil producing nations will not prevent a huge build up of crude, the head of the IEA said on Friday, urging the world’s richest economies to discuss broader ways to …

Source: CNBC

Brent crude could still drop to $10 a barrel and stay there in Q2: IHS Markit

CNBC


Oil prices on Thursday rallied more than 20% following reports of a possible deal to cut production by an enormous 10 million barrels per day, but one analyst is still predicting that Brent crude will sink to $10 a …

Source: Reuters

OPEC+ debates biggest-ever oil cut as virus destroys demand

Reuters


DUBAI/LONDON/MOSCOW  – OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of global supply, an OPEC source said after the U.S. president called on producers to stop the market …

April 3, 2020 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: CNBC

Saudi Arabia’s big oil gamble will hurt the kingdom — but it’ll likely pay off

CNBC


April is going to be a hellish month for the oil industry.

Already down more than 65% year-to-date, crushed by the coronavirus crisis and the Saudi-Russia oil price war, crude prices are set to tank even further when Saudi …

Source: CNBC

Trump tells CNBC he spoke to Putin, MBS and expects Saudis, Russia to announce 10 million barrel cut

CNBC


President Donald Trump expects Russian President Vladimir Putin and Crown Prince of Saudi Arabia Mohammed Bin Salman to announce a deal on a production cut, the president said to CNBC.

The president is expecting a cut of 10 million …

Pioneer Natural Resources CEO warns independent oil companies could go bankrupt if production continues amid coronavirus

Pioneer Natural Resources CEO warns independent oil companies could go bankrupt if production continues amid coronavirus

CNBC


Oil & Gas 360 Editor’s Note: Excellent CNBC Fast Money Interview with Scott Sheffield, CEO, Pioneer Natural Resources. Scott talks about several key points:

  • He has asked President Trump to get involved with the price war between Russia and
Source: Reuters

Calls mount for new OPEC+ deal as oil prices and demand slide

Reuters


MOSCOW/DUBAI/LONDON  – Oil producers need to resume cooperation in an effort to stabilize the global market, Russian and OPEC officials said, as the industry reels from a demand and price collapse caused by the coronavirus pandemic and an emerging …

Source: Houston Chronicle

U.S. calls on Saudis to halt plan to unleash record oil supply

Houston Chronicle


The Trump administration is pressing Saudi Arabia to dial back its plan to flood the oil market after a price war with Russia sent crude prices crashing to their lowest levels in almost two decades.

While its status …

Is Depression-Era Production Regulation What OPEC Really Wants To See?

Is Depression-Era Production Regulation What OPEC Really Wants To See?

Journal of Petroleum Technology


Oil & Gas Publishers Note: Excellent piece by Steve Rassenfoss. Our host, Michael Tanner, on the 360 Digital Closing Bell reported on the Texas Railroad Commission has been invited to the next OPEC meeting. This is

Source: CNBC

An oil price war is here to stay, analysts warn — even as prices tumble to nearly two-decade lows

CNBC


An oil price war between Saudi Arabia and Russia will most likely accumulate over the course of the year, energy analysts have told CNBC, with no end in sight until 2021 at the earliest.

International benchmark Brent crude traded

Source: Houston Chronicle

Oil falls to nearly $24, its lowest price since 2002

Houston Chronicle


The price of oil collapsed Wednesday to about $24 a barrel, past the trough of the most recent oil bust and to its lowest level in nearly two decades.

West Texas Intermediate crude was trading at $24.43 a …

Source: CNBC

OPEC and IEA warn developing countries could lose up to 85% of oil and gas income this year

CNBC


Developing countries’ oil and gas income could fall to their lowest levels in more than two decades if current energy market conditions persist, the IEA and OPEC have warned in a rare joint statement.

IEA Executive Director Fatih Birol

March 17, 2020 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: CNBC

Oil drops as much as 8%, on pace for worst week in more than a decade

CNBC


Oil prices dropped as much as 8% on Thursday as crude continues to take a hit on both the supply and demand side. U.S. West Texas Intermediate crude is now down more than 25% this week, putting it on

Source: Houston Chronicle

Russian producers are ready to survive flood of Saudi crude

Houston Chronicle


A flood of discounted Saudi crude is heading for Europe, but Russia might just have the only producers in the world equipped to compete with it.

With some of the world’s lowest production costs, a flexible tax system …

Source: CNBC

Saudi Arabia, Russia oil dispute is about the ‘restructuring of supply,’ says a strategist

CNBC


The oil price rout this week may be a chance for the industry to restructure and could ultimately be a positive for the market, a strategist said on Wednesday.

The oil markets tanked Monday, plunging over 20% following a …

Source: Reuters

Oil falls as Saudi, UAE plan for higher output capacity

Reuters


LONDON – Oil prices fell on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost production capacity and OPEC and the U.S. Energy Information Administration (EIA) slashed oil demand forecasts because of the coronavirus outbreak.…

Source: Reuters

U.S. suspends oil sale from strategic reserve amid price drop

Reuters


WASHINGTON – The U.S. Department of Energy said on Tuesday it has suspended a sale of up to 12 million barrels of oil from the government’s emergency crude reserve due to the petroleum price drop.

The DOE had announced …

Source: Houston Chronicle

Energy Dept. says OPEC trying to ‘shock oil markets’

Houston Chronicle


A Department of Energy spokeswoman called out OPEC’s decision not to cut oil production as an attempt to “manipulate and shock oil markets,” after oil prices dropped close to $30 a barrel Monday.

“These attempts by state actors …

Source: Reuters

Trump blames oil fight, ‘Fake News’ for stock market drop

Reuters


WASHINGTON – U.S. President Donald Trump blamed a fight for oil market share between Saudi Arabia and Russia, as well as unspecified “Fake News,” for a precipitous drop in U.S. stock prices on Monday, amid sliding demand for crude …

March 9, 2020 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC, People
Source: Reuters

Oil prices plunge by a third as Saudi-Russian pump war looms

Reuters


LONDON – Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War as Saudi Arabia and Russia signalled they would hike output in a market already …

Russia’s stronger economy lets Putin stare down OPEC

Russia’s stronger economy lets Putin stare down OPEC

World Oil


MOSCOW (Bloomberg) –Vladimir Putin’s resistance to further output cuts has pushed Russia’s accord with the OPEC cartel that controls more than half of the world’s oil production toward breakdown. Some key metrics guiding the Russian economy help explain

March 8, 2020 - 7:00 pm Crude Oil News, Energy News, OPEC
FILE PHOTO: A man wearing a protective face mask, following an outbreak of the coronavirus, talks on his mobile phone in front of a screen showing the Nikkei index outside a brokerage in Tokyo, Japan, February 26, 2020. REUTERS/Athit Perawongmetha

Asian shares slammed in panicked trade, oil prices crash

SYDNEY (Reuters)


Asian shares were set for a pounding on Monday as investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price.

The world’s …

Commodities Corner: OPEC+ oil-deal failure may lead to $30 oil prices

Commodities Corner: OPEC+ oil-deal failure may lead to $30 oil prices

An effort by the Organization of the Petroleum Exporting Countries to stabilize the oil market ended in failure on Friday, with Russia rejecting a plan for addition output cuts and sending prices for the commodity plummeting to their lowest levels …

March 7, 2020 - 12:36 am Capital Markets, Crude Oil News, OPEC, Press Releases
Source: CNBC

Oil prices plunge 8% after OPEC+ fails to agree on a massive production cut

CNBC


Oil prices sank more than 8% to multi-year lows on Friday as OPEC’s allies rejected additional production cuts proposed by OPEC on Thursday.

U.S. West Texas Intermediate crude slid more than 8.8% to a session low of $41.77, its …

March 6, 2020 - 1:00 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Oil plunges to lowest since 2017 after Russia rejects steep OPEC cut

Reuters


NEW YORK  – Oil prices tanked more than 8% on Friday to their lowest levels since mid-2017 after Reuters reported that Russia balked at OPEC’s proposed steep production cuts to stabilize prices.

OPEC’s plans for deep and prolonged output …

Source: Reuters

OPEC backs biggest oil cut since 2008 crisis, awaits Russia

Reuters


VIENNA  – OPEC agreed on Thursday to cut oil output by an extra 1.5 million barrels per day (bpd) in the second quarter of 2020 to support prices that have been hit by the coronavirus outbreak, but made its …

March 5, 2020 - 11:00 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

OPEC pushing Russia to support big oil cut amid coronavirus

Reuters


VIENNA (R- Saudi Arabia and other OPEC members were seeking to win support from Russia on Wednesday to join them in additional oil output cuts in a bid to prop up prices which have tumbled by a fifth this …

Source: Reuters

Oil rises $1 as OPEC, allies work on big output cut

Reuters


LONDON – Brent oil prices rose on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak.

Brent crude LCOc1 …

March 4, 2020 - 10:00 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

OPEC’s oil cut proposal would boost price to $60 a barrel: Russia’s Lukoil

Reuters


BRUSSELS – OPEC’s proposal to cut oil production by up to 1 million barrels a day would be enough to balance the oil market and lift prices to $60 a barrel, Leonid Fedun, vice-president of Russian oil producer Lukoil, …

March 3, 2020 - 3:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC